NEW YORK CITY: General Motors yesterday reported better-than-expected profit and revenue for the second quarter on strong US demand and shrinking losses in Europe.
Net income came in at $1.2bn on revenue of $39.1bn, compared with income of $1.5bn and revenue of $37.6bn during the year-ago period.
Adjusted earnings of 84 cents per share were well above the 75 cents expected by analysts.
The 19 percent profit decline was due in part to one-time items, including the purchase of GM Korea shares, that reduced earnings per share by nine cents, the biggest US automaker said in a statement. Net revenue rose 4 percent from a year ago, to $39.1bn. The average analyst estimate was for $38.4bn.AFP
